Tuesday, December 23, 2014

The Dow Does it Again: A New Record Close as Stocks Inch Higher

The Dow Industrials can thank Wal-Mart Stores (WMT) for helping it reach its 25th record close this year. The index rose more than 40 points or 0.2% to end the day at 17,652.79.

The S&P 500, meanwhile, climbed one point, or 0.05% to end at 2,039.33 and the Nasdaq climbed 5 points, or 0.11% to close at 4,680.14.

Energy stocks suffered a sharp decline, despite a last minute surge by Halliburton (HAL) and Baker Hughes (BHI) amid merger chatter. Oil prices continue to fall, dropping below $75 a barrel today, pressuring the sector.

The yield on the 10-year Treasury note inched down to 2.342% from 2.359% on Wednesday. Yields fall as prices rise. Gold futures added 0.14% to $1,160.70 an ounce.

In corporate news, lower gasoline prices helped Wal-Mart report its first sales increase since 2012. But the retailer gave a less optimistic outlook for the year. Still, Wal-Mart shares rose 4.7% to close at $82.94.

J.C. Penney (JCP) fell 8.5% after it reported a narrower third-quarter loss.

Berkshire Hathaway (BRK.A) rose 0.55% after it agreed to acquire the Duracell battery business from Procter & Gamble (PG). P&G fell almost 1%.

And finally, reports of deal talks between Hasbro (HAS) and DreamWorks Animation (DWA) sent the movie studio soaring more than 14% to close at $25.52. Hasbro fell 4.3%.

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